Google

Wednesday, October 10, 2012

Tax breaks - meant for low income earners, used by low and high income earners

Billionaires Get 'Low-Income' Tax Breaks in Condo Tower - Yahoo! Finance: "But they may also get a less publicized benefit: tax breaks of more than $150,000 a year from a program aimed at low-income housing.
According to financial documents obtained by CNBC, One57 may receive a tax abatement under a long-existing city program designed to provide more low-income housing. The program, known as 421-a, gives developers tax breaks for 10 to 20 years, which are then passed on to buyers. At One57, those savings may be substantial."

'via Blog this'

No comments: